lawmakers have criticised lenders
found that nine of the biggest savings providers, on average, passed on only 28% of BoE rate hikes to easy-access deposits between January 2022 and May this year. The FCA said it does not expect the full BoE rate to be passed on to savers given that historically the gap is about 2%.Banks should "speed up" decisions on savings rates to within a couple of weeks of a BoE move, Sheldon Mills, the FCA's executive director of consumers and competition, told reporters, adding that the FCA would not be a "price regulator".
Banks and building societies offering the lowest rates have to complete a "fair value" assessment for the regulator by the end of August. Those that fall short are promised "robust" FCA action by the end of the year.
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